We all have areas in which we wish to be better, have more knowledge, and be better versed. For many, that area is personal finance. Especially during a time when people are being laid off and the stock market is seeing unprecedented lows, Millennials wish they knew more about their own finances.
A new study, conducted by OnePoll on behalf of First Internet Bank, shows that many Millennials wished they had personal finance classes in high school, with some even willing to replace other classes for one focusing on this more relevant topic.
Millennial’s wish they had formal education on personal finance
It’s a common discussion in the United States that personal finance classes should be included in education programs, and many Millennials agree with that sentiment. One typical Millennials characteristic is wishing they knew more about money. According to the survey, 73% wish they had better education in personal finance and 79% agree that there should have been personal finance classes included in their high school curriculum.
Going further, 33% of Millennials would have cut their geometry class from their school curriculum in favor of a personal finance class.
These are the top 10 classes that Millennials would want to swap out for personal finance classes:
1 . 33% said cut Geometry
2. 31% said cut Trigonometry
3. 30% said cut Algebra
4. 29% said cut Gym
5. 28% said cut Chemistry
6. 26% said cut Physics
7. 23% said cut Music
8. 21% said cut Art history
9. 21% said cut History
10. 21% said cut English literature
What do Millennials view as financial independence?
For many, reaching financial independence is a huge milestone in their life, but true financial independence means different things to different people.
Many get their financial confidence from their first “adult” job. The average respondent was at their first job for six months before they felt comfortable with their bank statement.
The majority of respondents reported receiving financial help from family and friends when they first moved out, with the average Millennial receiving $1,030.47 in monetary aid. But even with that help, respondents said that they had to tick certain boxes in order to consider themselves financially independent.
The top indicator of financial independence was being able to pay rent or a mortgage, with 47% of respondents naming that as the most important factor. Other top markers of independence included paying for utilities (45%), food (43%), transportation (40%) and the internet (36%).
Interestingly, 70% of Millennials think you can remain on the family cell phone plan and still consider yourself financially independent.
These are the 15 ten things to pay for to be considered financially independent:
1. Rent/mortgage 47%
2. Utilities 45%
3. Food 43%
4. Transportation 40%
5. Internet 36%
6. Health insurance 34%
7. Cell phone bill 34%
8. Medical expenses 33%
9. Pay own credit card 31%
10. Home/renter insurance 30%
11. Car insurance 29%
12. Car lease/purchase 28%
13. Streaming services 28%
14. Cable 26%
15. Student loan bills 25%
Millennials stress about money for different reasons
For many, growing up and stressing out about money seems to be a right of passage into adulthood, but paying bills is not the only thing that stresses out Millennials.
According to the survey 40% found that renting their first apartment was a major source of stress when starting out on their own, while 33% named applying for their first credit card, and 32% thought paying taxes on their own for the first time was a nerve-wracking aspect of adulthood.
These are the top 10 stressors for Millennials when deciding to move out:
1. 41% said renting their first apartment
2. 35% said buying their first home
3. 33% said applying for their first credit card
4. 32% said paying their taxes for the first time alone
5. 31% said understanding their first bank statement
6. 29% said their first night when they moved out
7. 26% said applying for their first loan
8. 25% said learning to budget
9. 24% said establishing their credit
10. 24% said getting their own health insurance
Most of us go through these first time events, but some Millennials think their friends are better at “adulting,” with 25% reporting that they think their peers are better than them at keeping track of their finances and 67% agreeing that they wouldn’t identify themselves as “very confident” in their own knowledge of personal finance.